Kotak Mahindra Bank on Saturday, October 21, said that Ashok Vaswani has received approval from the Reserve Bank of India (RBI) to assume the role of the bank's next Managing Director & Chief Executive Officer (MD & CEO). This transition follows the departure of veteran banker and co-founder Uday Kotak, who stepped down from the position last month.

Ashok Vaswani's appointment is valid for a three-year term, commencing from the date he assumes the role, which is expected to be no later than January 1, 2024. However, it's important to note that the appointment is contingent on approval from the bank's shareholders, as mentioned by the private lender in a press release.

Uday Kotak, Founder and Director of Kotak Mahindra Bank, expressed his confidence in Ashok Vaswani, describing him as a world-class leader and banker with a strong focus on digital innovation and customer satisfaction.

I am delighted that the RBI has approved our recommendation, Ashok Vaswani,as the next CEO of Kotak Mahindra Bank. Ashok is a world class leader and banker with digital and customer focus . I am proud that we bring a ‘Global Indian’ home to build Kotak and India of tomorrow.

— Uday Kotak (@udaykotak) October 21, 2023"I am delighted that the RBI has approved our recommendation, Ashok Vaswani,as the next CEO of Kotak Mahindra Bank. Ashok is a world class leader and banker with digital and customer focus . I am proud that we bring a ‘Global Indian’ home to build Kotak and India of tomorrow," he tweeted.

Vaswani expressed his deep appreciation for the opportunity to continue the remarkable work initiated by Uday, who is widely recognized for elevating Kotak Mahindra Bank to its present standing.

“I thank the Board for entrusting me with the responsibility of leading Kotak Mahindra Bank’s journey to the next phase of growth. I am excited and honoured to carry forward the legacy of Uday who has built this world-class institution. With our proven leadership team we will take the Bank to new heights. We will ensure that Kotak Mahindra Bank plays a meaningful role in India’s journey to being one of the top 3 economies in the world in the next 5 years, delivering shareholder value. At a personal level, l am delighted to come back home.” he said.

With an extensive industry experience spanning more than three decades, as stated by the bank, Vaswani currently serves as the President of Pagaya Technologies Ltd, an AI Fintech company based in the United States and Israel. Additionally, he holds a position on the board of the London Stock Exchange Group. Vaswani's illustrious career includes previous roles as the CEO of Barclays Bank, UK, and the CEO of Citigroup Asia Pacific.

First Published:Oct 21, 2023 3:32 PM IST